Wave Accounting, the Toronto-based innovators of award-winning small businesses accounting software, announced today the launch of Wave Payroll, an easy, 100% online payroll tool saving time and money for small business owners, self-employed contractors and freelancers, and families who hire home care workers and nannies. Wave Payroll provides a full suite of features, including direct deposit, year-end tax forms (T4s), and remittance to government, for one low flat fee priced per employee per payroll.

Key features of Wave Payroll include:

Incredibly fast and easy-to-use platform

A full suite of impressive payroll features — including direct deposit — set at a low, easy-to-understand price

Ideal for small businesses, families, the self-employed, solo entrepreneurs and others who have been neglected in the past by traditional payroll software

Easy accounting integration – Wave Payroll and Wave Accounting work together seamlessly to simplify every step of small business finances

Wave Payroll also keeps track of vacation time, records of employment, overtime, payroll reminders and ensures compliance for all government withholding and remittances. Additionally, the platform is 100% online and compatible with any computer with an Internet connection and standard browser. All platform features are available for $3 per employee per payroll, with discounts for companies with 10 or more employees.

“After helping tens of thousands of Canadian small business owners run their businesses with Wave Accounting, we’re very happy to continue making their work easier with Wave Payroll,” said Kirk Simpson, CEO of Wave Accounting. “Traditional payroll software is costly and complicated for average users. With Wave Payroll, we wanted to offer an easy, all-inclusive platform with none of the nickel-and-dime nonsense of typical payroll applications.”

Lead developer Sean Walberg created SmallPayroll.ca, the precursor to Wave Payroll, when he saw no viable payroll solution for families who employed nannies or home-care workers. He created a simple, intuitive platform that could easily be used by people who had zero familiarity with running payroll. After acquiring Small Payroll in Fall 2011, Wave enhanced several key components of the existing platform to be able to launch Wave Payroll today.

Wave Payroll is now available for all Canadian-based businesses except Quebec, which is coming soon. The U.S. edition is set to launch in mid-2012. Customers can sign up for a free account at WavePayroll. There is no cost until the first payroll is run.